The average assets of families amounted to 60.4 million ISK in 2025, according to individual tax returns. This represents an increase of 8.8% from 2024, or 4.6% in real terms (based on the Consumer Price Index).
This was the largest year-on-year increase in real terms since 2021, when inflation-adjusted assets rose by 7.8%. Family assets include assets of all family members as stated in tax returns, including real estate, vehicles, bank deposits and securities. Average assets were highest among families in the oldest age group, where the oldest family member was aged 67 or over. Their assets averaged just under 111 million ISK. The largest year-on-year increase, however, was recorded among families in the youngest age group, where the oldest family member was under 30 years of age.
A family is defined as jointly taxed individuals and any dependent children under the age of 16. The family’s placement in an age group is determined by the age of its oldest member.
Families owed an average of 14.7 million ISK in 2025, representing a nominal increase of 3.5% from the previous year. On a national level, total family debt as a share of gross domestic product decreased by 1.6 percentage points from the previous year. At 69.5% in 2025, the ratio is at its lowest since 2001. Total family assets amounted to 286% of gross domestic product in 2025.
Total family debt refers to the combined total debt of all family members, as stated in tax returns, including mortgage debt, but excluding liabilities associated with rent-to-own housing. The calculation of average total debt includes all families, including those with no debt.
About the data
Statistics Iceland has updated its detailed statistical data on the assets and debt of individuals for the period from 1990 to 2025. The data are broken down by family type, age and place of residence.
The statistics are based on the tax returns of individuals aged 16 and over who are liable for tax in Iceland and have submitted a tax return to the Iceland Revenue and Customs. Individuals with manually calculated tax returns or estimated income are excluded, as are those who died during the year or were not considered residents of Iceland according to Statistics Iceland’s population estimates.
As a result, the data cover approximately 80% of individuals liable for tax and around 90% of all income reported in tax returns, including pre-filled, manually reported and estimated income. The data also cover almost 95% of total debt and just over 90% of all assets. These coverage rates have remained relatively stable in recent years. Families are categorised as individuals, single parents, married without children and married with children.
Pension savings and pension entitlements under Act no. 129/1997 on Mandatory Pension Insurance and the Activities of Pension Funds are not included as assets.
The data are comparable over time, as consistent methods are applied from year to year.